Michael Bloomberg weighs Dow Jones, WaPo buy as media eyes extra M&A: report

Michael Bloomberg weighs Dow Jones, WaPo buy as media eyes extra M&A: report

Billionaire businessman Michael Bloomberg is reportedly fascinated about buying Jeff Bezos’ The Washington Submit or Dow Jones, the dad or mum firm of The Wall Avenue Journal, Barron’s, and MarketWatch.

Based on a brand new report from Axios, Bloomberg is seeking to broaden his media empire and would like a Dow Jones acquisition because of its all-encompassing enterprise protection. The report stated, nonetheless, that he could be prepared to buy The Washington Submit if Bezos have been prepared to promote.

The Washington Submit didn’t instantly reply to Yahoo Finance’s request for remark, whereas a Information Corp spokesperson declined to touch upon the report.

A spokesperson for Bloomberg dismissed the hypothesis, saying: “There’s nothing to touch upon.”

Michael Bloomberg weighs Dow Jones, WaPo buy as media eyes extra M&A: report

Former mayor of New York Michael Bloomberg throughout the UN Local weather Change Convention (COP26) in Glasgow, Scotland, Britain, November 1, 2021. REUTERS/Phil Noble

Dow Jones is finally owned by Information Corp’s (NWSA) Rupert Murdoch, who’s himself reportedly contemplating a recombination of Fox (FOXA) and the mass media and publishing firm.

Based on an October report from Murdoch-owned The Wall Avenue Journal (WSJ), the 91-year-old businessman is in early discussions to rejoin the 2 entities of his media empire, which previously break up in 2013. Disney acquired the majority of Fox’s leisure belongings in a $71 billion deal again in 2019.

The WSJ report added that each corporations have established particular board committees to check a potential deal and consider potential monetary phrases.

Bloomberg, the Axios report stated, believes the recombination will fail, thus making a potential opening, though Bloomberg has reportedly not but spoken to Murdoch about his curiosity.

‘All the pieces’s on the desk’

Media mergers and acquisitions have been on the upswing, with main companies like Paramount World (PARA) and Warner Bros. Discovery (WBD) lately finishing their very own respective consolidations. In the meantime, Amazon (AMZN) closed its $8.5 billion acquisition of MGM Studios in March.

Lack of money and elevated competitors have served as catalysts to the latest exercise, with many conglomerates trying to find new income drivers and monetization alternatives.

“It is a fairly good inflection level,” Jon Christian, EVP of digital media provide chain at Qvest, the most important media- and entertainment-focused consulting firm, advised Yahoo Finance. “The sport has modified. It was once simply subscribers in any respect value … however now [investors] want these companies to be worthwhile.”

Bart Spiegel, associate of worldwide leisure & media offers at PwC, added: “We’re getting into a chapter two of the streaming wars.”

“Solely time will inform, however I feel every part’s on the desk to attempt to enhance profitability and make the platforms extra inventive to their general enterprise,” Spiegel continued.

Different potential acquisition targets in 2023 and past embody the embattled Warner Bros. Discovery.

Lionsgate’s movie and TV studio, which the leisure large plans to spin off right into a separate firm, may also be on the market, whereas AMC Networks (AMCX) continues to bear a restructuring that might end in an acquisition.

Needham’s Laura Martin wrote in a latest shopper word that Paramount could possibly be enticing to unload, whereas smaller gamers like WWE (WWE), Curiosity Stream (CURIW), and Rooster Soup for the Soul (CSSE) will probably promote because of their respective sizes.

Disney CEO Bob Iger, who returned to the media conglomerate to a lot fanfare in November, may also face a slew of choices — together with what to do with notable belongings like Hulu (promote it to Comcast?) and ESPN (spin it off?)

Alexandra is a Senior Leisure and Meals Reporter at Yahoo Finance. Observe her on Twitter @alliecanal8193 and e mail her at [email protected]

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